According to the draft act’s explanatory note, the measure is aimed at reducing arrears to the state budget.
People close to the matter told Mediafax Friday, CFR Marfa will take over a RON606 million debt CFR has to the state budget in exchange for writing off a part of its debt to the rail operator.
The state will convert into shares the debt taken over by CFR Marfa, as the company is to be privatized. The money obtained from the sale of the freight rail company will be transferred to the state budget, the sources said.
According to the privatization strategy for CFR Marfa, approved by the Government in February, the company had debts of RON1.8 billion, of which about RON600 million to the state budget and RON600 million to CFR Infrastructura. The remainder represents penalties for overdue debts.
The Transport Ministry has set an ask price of RON798.05 million for CFR Marfa, one of the several state-run companies the government has pledged to privatize under a loan agreement with the International Monetary Fund.
According to Transport Minister Relu Fenechiu, the valuation of the company considers the conversion into shares of all its debts to the state budget.
CFR said Monday it reduced its debts by 13% in the first quarter of the year, to RON540 million from RON620 million, after paying contributions to the general consolidated budget. (EUR1=RON4.4098)